Leveraging your installed base, and the collection of your deployed products is a strategic imperative for sustainable business growth. Effective installed base management involves meticulously tracking product details and service history to gain a comprehensive understanding of your customer base and their interactions with your solutions. This empowers you to implement proactive maintenance strategies, boosting customer retention.
For too many companies, install base management gets put on the back burner. They’re so focused on chasing that they completely neglect the customers they’ve already converted.
Your install base is like having your very own captive market of people already familiar with your brand and primed to buy again. Tap into that resource properly and you can drive serious revenue growth. Here’s how to become an install base management master:
Get Organized and Build Out Your Database
Make a comprehensive list of every customer you’ve ever had and the products/services they purchased from you. Include details on support entitlements, contract expirations, cross-sell opportunities, etc. You need a centralized install base record to work from.
Nurture and Engage With These Existing Customers
Don’t just let your install base customers sit there like potted plants! Stay in touch with them through campaigns, newsletters, webinars, customer events and other nurturing touchpoints. Make them feel valued and keep your brand top of mind. This primes the pump for renewals, upgrades and referrals.
Implement a Renewal Process
Speaking of renewals, have a dedicated process for driving maintenance/subscription renewals, upsells and cross-sells when the time is right. Pinpoint renewal dates and get ahead of them with automated reminders, incentive offers and guidance from your sales team.
Capitalize on Customer Insights
Use your install base management system to identify at-risk customers so you can intervene before they stir. Analyze product usage and behavioral data to uncover expansion and add-on opportunities too. This treasure trove of customer intelligence guides your entire sales strategy.
Optimize and Streamline for Growth
As your install base grows with new customers, make sure your management processes scale seamlessly. Use automation and integration with your CRM and billing systems wherever possible to increase productivity and accuracy.
Conclusion
It’s all about leveraging that built-in customer base to the max through smart strategies. Take a little time and effort now to manage your install base effectively and it will pay ongoing dividends. Why leave all that opportunity on the table? Choose ServitiumCRM customer service CRM for all your business requirements.